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Ethereum price prediction: ETH to climb to $1,300 resistance

TL;DR Breakdown Ethereum price expected to observe sideways movement before breakout to $1,300. The closest support level lies at $1,200. ETH faces resistance in crossing above the $1,250 mark. Ethereum price has recovered above the $1,200 price level but fails to climb above the $1,750 mark. The price level is acting as a strong resistance […]

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TL;DR Breakdown

  • Ethereum price expected to observe sideways movement before breakout to $1,300.
  • The closest support level lies at $1,200.
  • ETH faces resistance in crossing above the $1,250 mark.

Ethereum price has recovered above the $1,200 price level but fails to climb above the $1,750 mark. The price level is acting as a strong resistance for ETH while the bearish momentum continues to increase.

Cryptocurrency price and market capitalization • Coin360 • 15:33 UTC Jan, 23

The broader cryptocurrency market observes a confused sentiment across the last 24 hours as most major cryptocurrencies observe the slight bullish or bearish change. Most assets, including Bitcoin, have seen a price change of less than one percent.

Ethereum price overview: Ethereum price across the last 10 days

Ethereum price prediction: ETH to climb to $1,300 resistance 1

Ethereum price had a strong start to 2021 as the price quickly found bullish support raising the price above the $750 level. The bullish momentum caused the price to rise to $1,200 before meeting strong resistance. While the bulls managed to cause the price to rise to the $1,350 mark, the price could not hold at the level and declined below.

The rejection caused the price to fall to the $1,000 level before recovering. The price once again observed wave-like bullish activity as the price rose to the $1,400 mark. The price was rejected from the level and fell back to $1,050. Since then, the price has recovered to the $1,200 level and now trades near the $1,245 price mark.

Technical indicators

Ethereum price prediction: ETH to climb to $1,300 resistance 2

Across the technical indicators, the MACD shows a bullish reversal and suggests increasing bullish pressure. The two EMAs converged recently and now move in the opposite direction suggesting an increasing buyer momentum for ETH. However, the two EMAs are close together now, suggesting that movement below the $1,230 mark would show a reversal.

The RSI is neutral and sticks close to the 50.00 mark showing low momentum on either side. The indicator is inclined upwards, suggesting an increasing bullish pressure for Ethereum.

The Bollinger bands are currently narrow but show expansion upwards, suggesting an increase in ETH price volatility. Traders can expect ETH to observe an increase in price volatility as ETH heads upwards.

Overall, the four-hour technical analysis issues a buy signal as 14 of the 26 major technical indicators issue buy signals. On the other hand, only four indicators issue sell signals while the remaining eight indicators remain neutral, not leaning towards either side.

The 24-hour technical analysis shares this sentiment as the analysis shows 14 indicators supporting a bullish movement while only three indicators suggest a negative price action. Meanwhile, nine indicators remain neutral, issuing no support towards either side.

What to expect from Ethereum price?

Traders should expect Ethereum price to observe sideways movement at the $1,250 price level before the price breaks out to the $1,300 mark. The high trade volume and the positive technical analyses suggest a bullish breakout.

Conversely, if Ethereum price falls below the $1,200 mark, ETH may revisit the $1,100 support level. Further downwards movement may mean a fall to the $1,000 psychological level.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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India’s Crypto Ban Uncertain as Finance Minister Touts a Window for Experiments

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India’s Finance Minister told CNBC that the country’s reserve bank is not shutting out cryptocurrencies entirely. She said that while the Reserve Bank of India will decide which unofficial cryptocurrencies will be used and regulated, there will be “a window for experiments” in the industry.

New Lease Of Life For Bitcoin In India

India’s minister of finance, Nirmala Sitharaman, spoke briefly on the country’s standpoint on digital assets in a CNBC virtual townhall. She said that several negotiations are being held with the Reserve Bank of India regarding an impending ban.

A lower parliament in India raised a bill to ban all private cryptocurrencies in January. It said that the move was to facilitate the development of the country’s CBDC, which the RBI will issue and regulate. This did not go down well with cryptocurrency enthusiasts and industry stakeholders in the country. In response, they started an online campaign tagged #IndiaWantsBitcoin to get the RBI to reconsider its stance.

Sitharaman’s remarks suggest that the campaign was quite impactful. She said:

“A lot of negotiations and discussions are happening around the cryptocurrency with the Reserve Bank of India. RBI will be taking a call on what kind of unofficial cryptocurrency will have to be planned and how it has to be regulated. However we want to make sure that there is a window available for all kinds of experiments which will have to take place in the crypto world. There will be a very calibrated position taken. A lot of mixed messages are coming from across the world. World is moving fast with technology, we cannot pretend that we don’t want it.”

Sitting On The Fence

India is renowned for its controversial stance on bitcoin after several “back and forth” regulations. The government had initially banned cryptocurrencies in 2018 after warning investors. The halt was later overturned by the Supreme court. The apex court described the ban as “unconstitutional.”

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India’s lower parliament received backlash from the global crypto community for what seemed like a ridiculous exception to its proposed cryptocurrency ban. It said it will “allow for certain exceptions to promote the underlying technology of cryptocurrency and its uses.” Regulatory bodies in the country had severally pushed the motion to advance blockchain technology adoption while banning cryptocurrencies.

Its non-committal approach has raised question marks regarding the country’s future in the digital asset space.

Digital Rupee Still In The Picture

Although Sitharaman did not discuss the progress of the digital rupee, the second most populous nation may take a cue from its neighbors, China.

China has continued trials of its digital yuan and has distributed millions of dollars in the digital currency to its citizens.

India’s Reserve bank governor, Shaktikanta Das, said last month that although there is no set date for the launch, the digital rupee was “receiving full attention.”

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Source: https://cryptopotato.com/indias-crypto-ban-uncertain-as-finance-minister-touts-a-window-for-experiments/

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XRP, Cosmos, Elrond Price Analysis: 07 March

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XRP floated above its press time support but needed to retake additional resistance levels to overturn its bearish market. ATOM reflected a consolidated market as the price moved within a fixed channel while Elrond traded within an ascending channel after a bounce back from the $100-mark.

Source: CoinStats

Meanwhile, the world’s largest cryptocurrency Bitcoin was trading at $50,870 with a 24-hour trading volume of over $36.3 billion.

XRP

Source: XRP/USD, TradingView

XRP was still at the nascent stage of a recovery as the bulls barely held on to $0.46 level after flipping it to support. Weekly gains of over 10% highlighted the bounce back from $0.40 support as XRP rose steadily on the 4-hour time frame. Nevertheless, several challenges awaited the bulls moving forward. The first was to overcome bearish sentiment in the market set by the 200-SMA (green) crossing above the 50-SMA (blue).

Short-medium term challenges were presented by the overhead resistance levels $0.5 and $0.55. However, the ADX rested around the 15 mark and indicated a weak trend in the XRP market. The MACD line moved alongside the signal line as equilibrium was maintained between each side. Considering the neutrality set by the indicators, the bulls might have to sustain a period of consolidation before a northbound move.

Cosmos [ATOM]

Source: ATOM/USD, TradingView

The Bollinger Bands on Cosmos started to converge as volatility looked to escape the Cosmos market. Short-bodied candlesticks on the 4-hour charts showed that the buyers and sellers were not in major disagreement with regard to the price. The RSI pointed lower from the 50-mark.

If the bears take control over the coming sessions, a fall towards $16.45 support could present some buying opportunities for traders at a discounted price. A psychological boost could also stem from a breach above the overhead resistance at $21.45.

Elrond [EGLD]

Source: EGLD/USD, TradingView

Gains over the past week amounted to over 12% as Elrond bounced back strongly from the $100-mark. As the price formed higher highs and higher lows, an ascending channel appeared on the 4-h0ur timeframe. The indicators tilted in the favor of the bulls at press time but a break outside the channel seemed unlikely.

The MACD closed in on a bullish crossover, while the red bars on the histogram moved towards the equilibrium point. The RSI was neutral-bullish as the index moved flat from above the 50-level.  A move above the upper trendline over the long run would present an upside at $208. Conversely, a southbound move from the lower trendline could see EGLD move towards the $100 level once again.


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Source: https://ambcrypto.com/xrp-cosmos-elrond-price-analysis-07-march

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Crypto Company Eco Makes a Ton of Money in Latest Funding Round

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Global cryptocurrency platform Eco has gotten its fingers on some serious cash following a heavy funding round that garnered the company roughly $26 million. The event was led by a16z Crypto.

Eco Is Making a Lot of Moolah

The company was founded three years ago in 2018. It’s main claim to fame is a crypto product it initially developed for around-the-world purchases of everyday items. However, Eco has made it clear in the past that it is not a banking or financial institution, and that the product itself cannot be compared with a checking account or with a credit card.

In a blog post, Eco states:

We’re building something better than all of those combined.

The blog also mentions the many ways that banks and standard financial companies are taking advantage of their companies through high fees and unnecessary services. The piece states:

Today, more parties than you can imagine are involved in every financial transaction you make. Each one of those parties – banks, credit cards, processors and more – take fees every step of the way. Plus, banks have convinced you to hold your money in a dozen different places, charging you even more fees on top of that. It’s impossible to fix these problems within the existing paradigm. The only way out is to build a new system.

The company mentions that anybody who uses their crypto product can earn as much as five percent cashback on all their deposits. In addition, they can also earn up to five percent on any purchase they make with Amazon, Uber and several other retailers across the globe. Right now, Eco says it’s planning to use its latest funds to build up its infrastructure so that customers can utilize its product to pay bills and send money to friends and family.

Among the other companies that took part in the funding round were Slow Ventures, Founders Fund, Coinbase Ventures, Tribe Capital and Valor Capital Group.

Building Up Technology for Practical Purposes

A separate blog post published by a16z explained why the company was so excited to be involved in Eco’s growth. It read:

One of the challenges in any new industry – crypto being no exception – is building things that are not just cool for the sake of cool, but that manage to reach and delight a broad set of users. Technology is at its best when it’s improving the lives of people in tangible, concrete ways… At a16z Crypto, we are constantly on the lookout for paths to get cryptocurrency into the hands of the next billion people. How do we think that will happen? By helping them achieve what they already want to do: spend, save and make money, and by focusing users on tangible benefits, not on the underlying technology.

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Source: https://www.livebitcoinnews.com/crypto-company-eco-makes-a-ton-of-money-in-latest-funding-round/

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